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Question
On December 31, 2011, when its Allowance for Doubtful Accounts had a credit balance of $1,500, Leeds Company estimates that 7% of its accounts receivable balance of $95,000 will become uncollectible. On March 3, 2012, Leeds Company determined that Megan Jost’s account of $950 was uncollectible. On May 15, 2012, Jost paid the amount previously written off.
Instructions
Prepare the journal entries for December 31, 2011, March 3, 2012 and May 15, 2012.
Answer
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